The new agreement consists of a €320 million unsecured revolving facility for a five-year term and a margin of 2 per cent over Euribor, as well as €75 million of unsecured US private placement notes.

The notes have an average maturity of 8½ years and a weighted average coupon of 2.53 per cent. These are being placed with a single institutional investor in two tranches – €37.5 million at 2.36 per cent due in 2026 and €37.5 million at 2.69 per cent due in 2029.

As a result of the refinancing the weighted average maturity of the group’s debt has increased from 1.9 years to 5.7 years. Hibernia’ s current net debt position is €210 million, it said.

“We are delighted to have agreed this refinancing which significantly extends the maturity of our debt and locks in longer term, low cost funding. In addition, our move to an unsecured debt structure, the first Irish Reit to do so, ensures we have access to the widest possible range of funding options in future,” said chief financial officer Tom Edwards-Moss.